Hiscox News

Q3 Catastrophe Losses Will Bring Rate Hikes by London Market Insurers: Fitch

Catastrophe losses from the recent U.S. hurricanes and Mexican earthquakes will lead to price rises on London market insurers’ loss-affected lines and could also affect wider market pricing trends, according to Fitch Ratings in a new report. The total industry …

Hiscox Names Markham as CEO for London Market Business

Specialist global insurer Hiscox announced the appointment of Kate Markham as CEO for its London Market business, subject to regulatory approval. Markham has been at Hiscox for five years and most recently was managing director of its direct to consumer …

Growing List of Re/Insurers Make Decisions on Post-Brexit EU Headquarters

Everest Re Group Ltd. has said its Dublin-based unit has received approval from the Central Bank of Ireland to become a non-life insurer, joining a growing list of insurers setting up regulated EU operations in case Britain does not have …

UPDATE 2: Global Re/Insurers Estimate Price Tag of Q3 Hurricanes & Quakes

Losses from Hurricane Maria and other recent 2017 natural catastrophes, including Hurricanes Irma and Harvey, the Mexico City earthquakes and other events, have led global insurers and reinsurers to issue profit warnings. Below are statements from insurers and reinsurers in …

Lloyd’s Insurers’ Stocks Fall on Possible Claims from Hurricane Harvey

Lloyd’s of London insurers dropped amid speculation that they will suffer losses from Tropical Storm Harvey that’s battering Houston, the epicenter of the U.S. oil industry. The storm, which which made landfall as a category 4 hurricane and then drifted …

Lloyd’s Names Childs, Hiscox’s Non-Exec Chairman, as Deputy Chairman

Lloyd’s announced that Robert Childs, non-executive chairman of Hiscox, has been appointed deputy chairman of Lloyd’s. He takes up the position immediately. Childs takes over from Paul Jardine, who retired from the role earlier this year after nine years on …

Munich Re, Aviva Ventures Invest in UK Connected Home Insurer Neos

Neos, a UK connected home insurer, announced last week it has secured a £5 million (roughly $6.4 million) series A investment led by Aviva Ventures together with strategic partner Munich Re. The strategic investment accelerates Neos’ growth as the UK’s …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm …

High-Profile Cyber Attacks Drive Growth of Cyber Crime Insurance

For companies and organizations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cyber crime insurance, it’s free marketing for what could be a $10 billion opportunity. …